Pam Martens and Russ Martens, 23 July 2021
The unthinkable is happening with alarming regularity at the Frankenbank JPMorgan Chase. Over the last seven years, with Chairman and CEO Jamie Dimon at the helm, JPMorgan Chase has managed to do what no other federally-insured American bank has managed to do in the history of banking in the United States. The bank has admitted to five separate felony countsbrought by the U.S. Department of Justice, while regulators took no action to remove the Board of Directors or Jamie Dimon.
Now, once again, the outrageous hubris of this Board is on display. Just last fall the bank forked over $920 million of shareholders moneyto settle its fourth and fifth felony counts brought by the Department of Justice, this time for rigging the precious metals and U.S. Treasury market. Now, in the dog days of summer, rarely a time for bonuses on Wall Street, the Jrgan Chase board announced on July 20 that it is giving Dimon 1.5 million stock options which, according to a specialist cited at Bloomberg News, have a total value of $50 million on paper.
The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has pleaded guilty to swindling investors using forged documents claiming a “Shark Tank” investor was a backer and that e-commerce platform Shopify wanted to buy the company.
Preventing and combating money laundering and terrorist financing has been on the EU’s agenda for more than 30 years. The legal and regulatory framework has been strengthened steadily. But now the European Commission has taken an ambitious step towards beating financial crime by overhauling the current EU anti-money laundering and countering terrorism financing rules.
Even before the Coronavirus pandemic closed bank branches and emptied Wall Street’s once-boisterous trading floors, the digitization of all things finance was well underway. Stock markets trade almost entirely electronically and many of Wall Street’s most valuable companies now provide data, technology and software to the big banks, private equity firms and hedge funds that execute the day’s big trades. Covid only accelerated the push for firms to digitize their businesses and handle an increasingly distributed workforce.
The UK has placed Malta among the list of high-risk countries for money laundering and terrorist financing.
The European Union (EU) has proposed banning anonymous cryptocurrency wallets as part of a new set of amendments to counter money laundering and terrorism.
Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.
Federal agents raided the home of a internationally known sports gambler in Plantation, seizing almost $4.3 million in cash, 61 gold bars, five luxury cars and a Miami Heat championship ring, according to federal court documents.
AMC stock (AMC) – Get Report bulls had a day of relief on Tuesday, as they saw the share price soar about 25% after weeks of painful declines. Following positive developments coming from CEO Adam Aron, momentum quickly shifted to the bullish side.
EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences.
Robinhood said it expects to pay a $30 million penalty in relation to an anti-money laundering probe of its cryptocurrency business, according to an amended S-1 filed with the SEC on Monday.
South Africa’s High Court postponed former South African President Jacob Zuma’s trial on corruption, money laundering and racketeering charges until Aug. 10.